Cboe Europe Equities has announced the rollout of new functionality for its Regulated Market (REGM) securities, including the introduction of volatility auctions and multi-day order types.
Cboe Europe to Introduce Volatility Auctions and Multi-Day Orders for REGM Securities
The exchange operator said volatility auctions will go live on its DXE and CXE platforms from 29 September 2025, subject to external assessments.
The new mechanism will replace the current static collar system for REGM securities following a manual or automated volatility halt.
The firm explained that volatility auctions will operate in the same way as Cboe’s existing opening and closing auctions, but will be triggered by sharp price movements rather than set times.
If a trade in a REGM security is executed more than 10% away from Cboe’s reference price, a five-minute auction will be launched, with extensions possible. The resulting auction price will then establish a new reference level.
The auctions will also be used to resume trading in a REGM security after a regulatory halt, ensuring orderly market conditions.
Cboe added that orders not matched during an opening auction will move to its lit book, while unexecuted lit orders will automatically participate in the closing auction.
Furthermore, the exchange said REGM auctions will now accept iceberg orders, with priority given to the displayed portion.
Separately, Cboe will launch multi-day order functionality for REGM securities on 3 November 2025.
The company believes this will allow participants to enter Good-Till-Cancel (GTC) and Good-Till-Day (GTD) orders, valid for up to 90 days.
The feature will be supported with new trade and liquidity indicators across BOE and FIX sessions.
